Japan investors count cost of falling double-decker returns

In Japan’s multi-decade deflationary environment, the options for investors are limited: stick to Japanese government bonds (JGBs) and receive certainty over retaining your principal if little in the way of returns, or opt for something a little racier in the search for yield.

Japanese investors, particularly those in the 60–69 year age group, who are contemplating a long retirement on a low-yielding asset base, have opted for the latter – with volumes of so-called ‘double-decker’ products rising